Tags: sears | selling off | brands | kenmore | craftsman | diehard | kmart

Sears Selling Off Brands Like Kenmore, Craftsman? Possibly, Says Company

Image: Sears Selling Off Brands Like Kenmore, Craftsman? Possibly, Says Company
(Kevinbrine/Dreamstime.com, Twitter/@Kenmore, Twitter/@Craftsman)

By    |   Friday, 27 May 2016 09:13 AM

Sears could sell off some of its iconic brands, including Kenmore, Craftsman, and DieHard, in a bid to boost profits.

According to the Chicago Tribune, Sears — which also owns Kmart — has recently suffered multiple store closures and a shrinking bottom line, and stated in its earnings report that it was looking for options to expand not only its branded products but also is home services businesses.

"As we continue to evaluate opportunities to accelerate our transformation and drive growth, we recognize there is significant potential to further develop our Kenmore, Craftsman and DieHard (KCD) and Sears Home Services (SHS) businesses," the company stated in its first quarter earnings report, released Thursday.

"Accordingly, our board of directors has decided to explore alternatives for KCD and SHS. Our iconic KCD brands are beloved by the American consumer and we believe that we can realize significant growth by further expanding the presence of these brands outside of Sears and Kmart," the statement continued.

Notably, Sears already sells a limited number of its products outside of its stores.

Sears spokesman Howard Rief told the newspaper that more than 2,800 Ace Hardware stores sell Craftsman and some DieHard products.

Rief added that Blaine's Farm and Fleet, as well as Atwoods Ranch and Home, also sell some categories of Craftsman products, and that all three KCD brands are available in more than 50 countries.

"Sears is the only place you can get the full assortment of Craftsman, Kenmore and DieHard products," he said.

Sears Holdings, which owns Sears and Kmart outlets, reported a $471 million loss in the first quarter, according to CNN Money.

Sears chief financial officer Rob Schriesheim said in a pre-recorded message to analyst and investors that the performance of those stores have impeded the ability of the Kenmore, Craftsman and DieHard brands to grow.

Stevenson TraQline's quarterly market survey cautioned, though, that selling or leasing more of its brands could lead to more customers staying away from Sears.

"If Craftsman is in independent hardware stores, it's probably not a bad thing for the company to explore," according to Stevenson TraQline. "If they do a deal with the Home Depot or Lowe's, that's also heavily into your appliance business; that could really siphon traffic away from stores."

Sears Holdings announced in April that it was closing 68 Kmart stores and 10 Sears stores as part of its latest round of cost-cutting measures, reported USA Today. Liquidation sales started at the closing stores in April. Most of the businesses are shutting the doors for good in late July.

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
TheWire
Sears could sell off some of its iconic brands, including Kenmore, Craftsman, and DieHard, in a bid to boost profits.
sears, selling off, brands, kenmore, craftsman, diehard, kmart
428
2016-13-27
Friday, 27 May 2016 09:13 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved